Cycle Trading: JNUG
|JNUG delivered a buy signal on Tuesday.
The decline from the August peak saw JNUG form a rounded bottom that printed its lowest point in November. The 200 MA (on the 4 hour chart) was resistance as JNUG was forming its bottom. Then JNUG broke above the 200 MA late December to form its daily cycle peak. The decline from the late December rally now has JUNG backtesting the 200 MA.
On closer inspection we can see that JNUG found support at the 200 MA. It formed a swing low and closed above both the 50 MA and the declining 10 MA. A long entry can be made with the stop place at the 200 MA which is 68.13.
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